How much do you need to make to live?

amother

Orange

Thu, Feb 28 2019, 5:05 pm

Dh and I are a young couple and Trying to figure out how much it costs a Jewish Family to live. Throwing out numbers here but say we have 6 kids and want to buy a nice house and drive 2 nice cars and pay tuition and buy nice clothing and go on vacation once in a while.
My job the most I can make would probably be 100k. Dh not sure yet. What are some realistic numbers? Is 300k living wealthy?

skee

Thu, Feb 28 2019, 5:06 pm

amother wrote:

The answer will depend a lot on where you live.

amother

Magenta

Thu, Feb 28 2019, 5:07 pm

Tuition and housing costs vary widely depending where you live. You're also leaving out some of the most major potential expenses, such as household help, therapies, and health insurance.

amother

Orange

Thu, Feb 28 2019, 5:08 pm

skee wrote:

The answer will depend a lot on where you live.

Tristate area. Let’s say Monsey. (We don’t know where we want to live permanently yet)

Lesia

Thu, Feb 28 2019, 5:12 pm

That will depend on how much tuition will be, and where you live.

If you’re in the tri state area, $300K may not be enough for everything you’re describing. Dh and I live on around that much and we have two kids. Six kids will be significantly more costly.

ectomorph

Thu, Feb 28 2019, 5:12 pm

300-500k to be very comfortable but not wealthy. Not easy lol.

Most people are not v comfortable while raising kids and stabilize as kids leave home.

amother

Orange

Thu, Feb 28 2019, 5:13 pm

amother wrote:

Tuition and housing costs vary widely depending where you live. You're also leaving out some of the most major potential expenses, such as household help, therapies, and health insurance.

I want to include all that. All the necessary things to live and live comfortably

allthingsblue

Thu, Feb 28 2019, 5:13 pm

From the sound of the lifestyle you describe? 300k would be comfortable but not wealthy.

amother

Gold

Thu, Feb 28 2019, 5:35 pm

we're a young couple too and just discussing how life is just so expensive... everything costs a lot. living in Brklyn, 1 baby, dh learning in kollel w/ check monthly.
can I ask what job you have that pays 100k ? Wink

amother

Orange

Thu, Feb 28 2019, 5:45 pm

amother wrote:

My job doesn’t currently make 100k. I hope to grow with in my field and one day make that but that’s the max I can probably make in my field

amother

Honeydew

Thu, Feb 28 2019, 5:58 pm

We live in Brooklyn, $375,000 a year. Small house, 3 kids, we are not wealthy. But we have a lot of debt. If we didn’t, we would probably be looser.

amother

White

Thu, Feb 28 2019, 7:06 pm

To me $300,000 is considered wealthy!!!

amother

Purple

Thu, Feb 28 2019, 7:09 pm

amother wrote:

We live in Brooklyn, $375,000 a year. Small house, 3 kids, we are not wealthy. But we have a lot of debt. If we didn’t, we would probably be looser.

sad

amother

Magenta

Thu, Feb 28 2019, 7:11 pm

$300k sounds very tight if you have six kids in school and want to live in a nice house, drive nice cars, send kids to camp, go on vacation, etc.

mig100

Thu, Feb 28 2019, 7:12 pm

amother wrote:

To me $300,000 is considered wealthy!!!

Yeah it sounds that way ...until.ur paying mortgage and bunch of tuitions..

amother

Magenta

Thu, Feb 28 2019, 7:28 pm

ectomorph wrote:

300k after tax is 160k.

Oh my. That's definitely not the case for a family with six kids and standard deductions.

amother

Ecru

Thu, Feb 28 2019, 7:29 pm

ectomorph wrote:

300k after tax is 160k.

You get tax deductions for mortgage interest and for dependents.

amother

White

Thu, Feb 28 2019, 7:30 pm

Mig100, we are paying afew tuitions but we live within our means.
You don't MUST own a nice house, have 2 cars, and go on vacations. This is a wealthy lifestyle.
And ectomorph, 300k after tax is definitely not 160k! No way!